Quote from TITANIMUM:
hajimow,
so when would you choose to enter with combo orders as opposed to single legs / legging in?
is there any method for reducing commission for combos?
you said " Let's say bid/ask are 0.1/0.12. If I want to buy I put an order to buy 0.11 or lower. If I want to sell I put an order to sell 0.11 or higher. "
so do you click on the ask, get 0.12, then reduce it to 0.11 right? and if want to sell, click on bid, get 0.1, then increase it to 0.11 right? this would be decreasing liquidity right? PHILX or BOX being the ones to choose when removing liquidity and NASDAQ if you add liquidity (selling at bid or lower and buying at ask or higher?)
cheers
Quote from hajimow:
You don't direct your order to any exchange. You just set your TWS to highest rebate and then trade as you are transmitting your order in SMART.
I am stingy and frugal in paying commission but don't risk in combo orders. I pay regular price in combo orders. (sometimes one leg of combo gets executed in NASDAQ and I get rebate but that is not guaranteed.
Yes if the bid/ask are 1.4/155 and you put market order, your worst case would be 1.55 if you are buying and 1.40 if you are selling unless market is changing in sub seconds. No one is sitting there to screw you for 10 cents. My experience shows that if the bid/ask are 1.40/155, in market order, I get something like 1.51. or 1.49.
Quote from TITANIMUM:
hajimow, l thought the method to get the commissions you are on is if you direct your single leg orders to exchanges other than smart. so how do you set your TWS to highest rebate?
cheers
Quote from hajimow:
No don't send your order to any exchange. The commission will be much higher. Just set your TWS as the attached file and send your order as you are sending them SMART. By the way this setting is PC dependant. So if you have two PCs, and set this in one and trade on the second one, you won't get rebate. You need to do that on all TWS installations that you are trading.
Quote from Options12:
hajimow, is it correct to say that if you are adding liquidity by placing a limit order, then your order will be automatically routed to BOX in order that you will receive the highest rebate available for adding liquidity?
Quote from hajimow:
For limit orders when you add liquidity, your order usually is routed to NASDAQ but does not necessarily mean that it will be executed in NASDAQ.
My experience is when you set your account to highest rebate, in long run, you will save some money. By the way, don'y worry where your order is routed, just relax and even if you pay a little more sometimes, that is no problem. 80% of the time, you will pay ridiculously less.
Quote from Options12:
OK, thanks. Now I understand. If you are removing liquidity and have your program set to 'highest rebate,' then you will be routed to BOX. Correct?